Zigzag – Bearish

Zigzag is a pattern that shows indecisiveness. If the price action triggers plotting of bricks that are frequently changing direction, then it indicates confusion among market participants.

A series of four bricks with alternating colours is known as a zigzag pattern. A breakout from the zigzag pattern indicates the new direction and offers a trading opportunity.

If a Zigzag pattern is followed by a bearish swing breakout pattern, it is a bearish Zigzag breakout pattern.

This pattern is developed by Definedge and explained in the book on Renko charts by Prashant Shah.

Click here to know more about the pattern.

This pattern can be plotted on the chart by adding it from the study menu in TradePoint & RZone. The pattern is also available in the system builder section. By combining this pattern with other patterns and indicators, you can create your own trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.

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